Home Affordable Refinance Program (HARP)

If you are finding it difficult to refinance your current mortgage loan because you have little or no equity in your home, Central Pacific Bank Home Loans Division can help with a Freddie Mac and Fannie Mae backed program called the Home Affordable Refinance Program, also known as HARP.

HARP has recently been streamlined to help more homeowners refinance their mortgage through expanded credit and value limits and, in some cases, less paperwork and hassle. With HARP you may qualify to take advantage of the benefits that come with refinancing such as:

Lowering your monthly mortgage payments

Reducing your interest rate, or

Building equity faster through shorter term options

HARP may be an option for you if:

Your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae

You have had a good payment history for the past 12 months

Your home (1-4 family dwelling) is your primary residence, second home or investment property

Your home value has decreased

You have limited equity or your first mortgage exceeds the current market value of the home

For current rates, or more information on applying for a home loan, contact a Mortgage Loan Officer or call us at 808-356-4000.

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. You can determine whether your mortgage is owned by Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup

The Nationwide Mortgage Licensing System (NMLS) and Registry offers consumers the ability to confirm that the bank, mortgage company and/or mortgage loan originators with whom they wish to conduct business is authorized to conduct mortgage business in their state. To access this free service, go to:http://www.nmlsconsumeraccess.org.View a listing of our Mortgage Loan Originators and their NMLS numbers.